ESI buys sanatorium

Alan Heath
20-08-2001, 00:00

ESI buys sanatorium

Tomasz Papis, the deputy director of the privatisation department of the treasury has confirmed that a sales agreement will be signed this week for the sale of the Nałęczów spa to East Spring International (ESI) which is a subsidiary of Nestle. The Dutch company will be paying PLN50 per share to take a 85 percent stake in the spa at a total cost of over PLN45m.

The other bidders were the local authorities in Naleczow near Lublin and Polish soft drinks producer Hoop.

Spa director Wojciech Gucma said that he was very pleased with the choice of ESI as it was well known as a spa manager.

The investor has agreed to put around PLN30m into the spa.

Apart from traditional cures offered by spas, Nałęczów also offers eye surgery and hopes to offer plastic surgery as well.

The social package offered by ESI is generous. Each of the 430 employees will be offered PLN4,000 and their jobs are safe for three years. It is also rumoured that ESI will buy the employees shares for 90 percent of what it paid the treasury.

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Podpis: Alan Heath

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